SEC pledges compliance with Corporate Governance Code

The Securities and Exchange Commission (SEC) has pledged to collaborate with other regulators in the interest of the nation’s capital market.
Speaking in Abuja when  the executives of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) visited him, the Director General of  SEC,  Mounir Gwarzo, said the commission is ready  to work with the body to promote corporate governance in Nigeria.
He said: “We have very onerous responsibilities to enforce the  corporate governance and in doing this, collaboration is very important. When you look at the market, our scope is wide, apart from the quoted companies you are also looking at about 800 or 1000 operators.
“When we finish with the quoted companies we also want to extend the code and the compliance to all registered operators. What we started some few years ago was to say that any operator that is to be registered in the  market must have a compliance officer  however excellent the sponsored individual has done, once your compliance officer has not met our minimum requirement that fund will not be registered and the compliance officer has a lot of responsibilities apart from the normal requirements in terms of returns to other regulatory institutions it is also to ensure that the right  corporate governance practice is being implemented.”